Bangalore Emaar Properties will develop a shopping mall in Srinagar under an agreement between the governments of Dubai and Jammu and Kashmir to facilitate investment in projects.
“UAE and India are comprehensive strategic partners and this Emaar project will be a milestone in Jammu and Kashmir. I would like to congratulate Emaar and all the partners for this project and I am sure that we will see many more such projects in the near future. The UAE-India economic partnership is at a critical juncture and we would invite other UAE investors to see the opportunity as well.”
As per the agreement, the size of the project ‘Mall of Srinagar’ by Emaar will be around 5,00,000 sq ft.
“We want to bring a world-class mall experience to the influx of residents and tourists of Jammu and Kashmir, which is likely to grow exponentially. Other investments in real estate, hospitality and mixed use commercial and residential projects in Emaar Jammu are also being considered. And in Srinagar,” said Emaar founder Mohamed Albbar.
The Dubai government recently inked an agreement with India to enhance infrastructure investments in Jammu and Kashmir, which includes industrial parks, a medical college, a specialized hospital, logistics centre, IT and multi-purpose towers.
“The Government of Dubai and the Government of Jammu and Kashmir are committed to fast track investment, and the project is deeply aligned with the vision of furthering trade and investment ties between the two countries. The Union Territory of Jammu and Kashmir has created a very attractive investment landscape, and this FDI project is a reflection of the close brotherly ties between the UAE and India. Dr. Aman Puri, Consul General of India in Dubai said, “We look forward to announcing several projects in the near future and creating significant employment opportunities in the process.
In December, the Jammu and Kashmir government signed 39 MoUs with property builders during a real estate summit, jointly organized by the ministry of housing and urban affairs, industry body NAREDCO and SWAYAM. Out of 39 MoUs, 19 were signed in residential sector, eight in commercial, three in infrastructure, two in finance and three in film and entertainment.
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